Banks want you to open new accounts with them. Similar to cell phone companies, banks often offer incentives to leave your existing bank and “switch” to their services.
In the old days, they offered a free toaster or alarm clock. Now they've upped their game, with cold hard cash – if you meet their specific set of requirements to claim a new account bonus.
New account bonus offers change all the time, but currently, in March 2022, some of the largest banks in the U.S. have excellent offers.
Bank of America:
Receive a $100 bonus if you receive direct deposits of $1,000 or more into a new account within the first 90 days.
Receive a $225 bonus if you receive a direct deposit into a new account, no minimum deposit.
Receive a $300 bonus when you deposit $15,000 into a new account within the first 20 days of account opening and maintain at least $15,000 in the account for an additional 60 days.
Receive a $300 bonus if you receive direct deposits of $1,000 or more into a new account within the first 90 days.
If big banks aren’t your preference, there is still free money to be found by opening accounts with smaller, regional banks and online-only banks.